Skip to main content
뒤로

Periodic Inventory - Purchasing Summary definitions

컨트롤 버튼이 '내비게이션' 모드로 변경되었습니다.
1/13
  • Periodic Inventory System
    Method where inventory and COGS are updated at period end, relying on physical counts rather than continuous tracking.
  • Perpetual Inventory System
    Approach where inventory and COGS accounts are updated in real time with each transaction throughout the period.
  • Cost of Goods Sold
    Total cost of inventory sold during a period, calculated at period end in a periodic system using inventory balances and adjustments.
  • Purchases Account
    Temporary account accumulating the cost of inventory bought during the period, not directly affecting inventory until period end.
  • Purchase Discounts
    Reductions in purchase cost due to early payment or other incentives, subtracted from total purchases when calculating COGS.
  • Purchase Returns and Allowances
    Deductions from purchases for returned goods or price adjustments, reducing the total cost of inventory acquired.
  • Physical Inventory Count
    Process of manually counting all inventory items at period end to determine the actual ending inventory balance.
  • Beginning Inventory
    Value of inventory on hand at the start of the accounting period, serving as the starting point for COGS calculation.
  • Ending Inventory
    Value of inventory remaining at period end, determined by physical count and used to compute COGS.
  • T-Account
    Visual tool used to track increases and decreases in an account, helping organize inventory calculations.
  • Inventory Balance
    Amount representing the value of goods available for sale at a specific point, adjusted for purchases, returns, and COGS.
  • Base Equation
    Formula combining beginning inventory, purchases, returns, discounts, and ending inventory to solve for COGS.
  • Accounts Payable
    Liability account for amounts owed to suppliers, not directly involved in COGS calculation in the periodic system.